Which Trading Session Should You Trade?

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#493: Which Trading Session Should You Trade?

In this video:

00:25 – The best time to trade? 

01:12 – Forget about the trading sessions

01:50 – Trade at the close of a candle

03:25 – I trade in 30 minutes a day of chart time

03:50 – Blueberry Markets use the correct charts

04:50 – 12 Monthly chart trades taken in March

05:28 – Like and subscribe

A lot of people get confused with not knowing what trading session is best for them to trade. Let me help you with that topic right now.

Hey, traders. This is Andrew Mitcham here, the owner of the Forex Trading Coach with video and podcast number 493.

The best time to trade? 

Today I want to talk about trading sessions. When's the best time for you to trade? Should you be trading the Asian session or the European session or the US session? And a lot of people get a lot of confusion going around that.

So the issue that I see is people think that they have to be there just at the European Open because that's when the market is most active. But then for some people they're at work or for some people that's at nighttime. And so they feel that there has to be output like crazy hours of the morning or night and to trade properly.

Other people think that they need to be there for the US session. For me, that starts at like 2:00 in the morning. No way. I'm going to be there at 2:00 in the morning. Getting up, trading the US session. So the short answer is you don't need to do any of that. But the issue is that so many people get confused with that.

Forget about the trading sessions

So the easy way around that is to forget about the trading sessions based your trading on the New York start of day charts. Now 5 p.m. New York time on a Sunday, the Forex market opens and it stays open for 24 hours until 5 p.m. New York time on a Friday. So that means at 5 p.m. New York time, every day of the week, the daily charts change over from one day to the next.

At that same time, the 12 hour charts change. The eight hour charts change. So do the six hour charts and down further from there.

Trade at the close of a candle

And so if you look at trading based on the close of a candle, that means you can trade. Doesn't matter where you live in the world, what your time zone is. It's why we have clients in 101 countries around the world at the Forex Trading Coach, and nobody has any issues trading our strategy.

And that's why we're not saying you need to be there at the beginning of Europe for the first 2 hours. That would be terrible. I could think of nothing worse than sitting glued, watching the charts, just sitting, waiting for something that might happen. The issue then becomes this You force trades or you think, Well, because I'm here right now, I have to make something happen.

Say you force trades and you do silly things. If you look at your charts at the close of a candle and you don't even need to be there at exactly that time because we trade using limit orders. So we don't need to have to be there. But if you do look at the close of a candle, let's say on a four hour chart or a six hour, 12 hour daily, whatever it is you're trading.

Have a look through there. Everything set. If you're using any indicators, none of the levels are moving. They're set because the candle has closed. And so that means that you're not there trying to react in real time, you know, because something's moved up or down a few pips or things like that, or you're taking an indicator on a buy signal and then you find that 5 minutes later it then turns around and looks like it should be a sell signal and you get away from all that confusion.

You get away from that confusion of like a 15 minute chart says, Buy it an hour chart says sell.